Buyer of Nevada bookmakers reports earnings jump
William Hill PLC, which spent $53 million to purchase three Nevada bookmakers, said earnings for the first six months of the year jumped seven percent to $927.1 million.
Based in London, William Hill reported revenues from its online operations rose 23 percent to $249.3 million, while land-based retail sales earned $651.2 million, a two percent increase over the same period in 2010.
"This is an essentially strong set of results for William Hill in challenging economic conditions," said Ralph Topping, the company's chief executive officer.
William Hill reported a profit of $167.6 million for the first six months of 2011.
Topping said the company also "made progress on our international growth strategy both in Europe and through the three impending land-based sports betting acquisitions we are currently pursuing in the U.S."
The company is in the process of completing its purchase of Las Vegas-based American Wagering Inc., the parent company of Leroy's Horse and Sports Place, and Brandywine Bookmaking LLC, which operates Lucky's sports books.
William Hill has also agreed to purchase Club Cal Neva Satellite Race and Sports Book Division in Northern Nevada.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
